The Polygon London hardfork, which will initiate the burning of MATIC tokens, will occur on January 18, 2022.
Leading Ethereum layer-2 scaling solution, Polygon, announced today that the much-awaited Ethereum Improvement Proposal 1559 upgrade will go live on the mainnet next week.on Wednesday, the India-based project noted that the upgrade, which will initiate the burning of MATIC, is scheduled to go live on the mainnet on January 18, 2022 at about 8 a.m. UTC.
While this change does not lower transaction fees, which are governed by the forces of demand and supply, it does allow users to estimate costs better and reduce the number of users overpaying. The project’s core team noted that its analysis concluded that an annual burn of MATIC would represent 0.27% of the token’s total supply, about 27 million MATIC.
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